As reported on the Hunton Insurance Recovery Blog, in what appears to be a case of first impression, an Ohio trial court ruled in Kimmelman v. Wayne Insurance Group that the crypto-currency, Bitcoin, constitutes personal property in the context of a first-party homeowners’ insurance policy and, therefore, its theft would not be subject to the policy’s $200 sublimit for loss of “money.”
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Blockchain
Senate Banking Committee Explores Blockchain
On October 11, 2018, the Senate Banking Committee held a wide-ranging hearing entitled “Exploring the Cryptocurrency and Blockchain Ecosystem.” The hearing featured testimony from Dr. Nouriel Roubini, an NYU professor who famously predicted the 2007-2008 financial crisis, as well as a counterpoint from Mr. Peter Van Valkenburgh, the Director of Research from Coin Center.
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California Enacts Blockchain Legislation
Recently, California Governor Jerry Brown signed into law Assembly Bill No. 2658 for the purpose of further studying blockchain’s application to Californians. In doing so, California joins a growing list of states officially exploring distributed ledger technology.
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The Venezuelan Petro: A Blocked and Chained Cryptocurrency in the United States
On October 2, 2018, Venezuelan President Nicolas Maduro appeared on national television and announced the official launch of the Venezuelan Petro cryptocurrency. While the official website and wallet for the Petro appear to have launched and be fully operational, and it appears to be presently trading in various cryptocurrency exchanges, United States persons should be extremely wary of trading or investing in the Petro.
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The Promise of Blockchain Technology in Annual Meetings and Corporate Governance
For many public companies, the annual meeting voting process is littered with intermediaries and inefficiencies that can result in a lack of shareholder engagement. Blockchain technology has several potential applications that can remedy these inefficiencies and restore shareholder trust and engagement.
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Recent Congressional Action Involving Digital Assets and Blockchain Technology
Interest in the crypto economy continues to grow in Congress with the introduction of roundtables, hearings and new legislation. …
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SEC’s Chief Accountant Discusses Digital Assets
Recently, in a wide-ranging speech, the SEC’s Chief Accountant, Wes Bricker, provided his thoughts on how the SEC accounting staff analyzes accounting issues surrounding digital assets and distributed ledger technology.
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Insuring the Blockchain
Blockchain, or distributed ledger technology, is already proving to be a game-changer for businesses globally and across sectors. But is it secure? And can insurance help protect against risks and, thus, help advance the development of this technology?
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The State of Smart Contract Legislation
Recently, several states have passed legislation allowing the use of smart contracts and blockchain technology in various commercial contexts.
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New York State Bar Association Publishes Primer on International Cryptocurrency Law
Recently, the International Law Section of the New York State Bar Association published its annual International Law Practicum issue featuring an extensive collection of articles discussing cryptocurrency regulation in various jurisdictions around the world.
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